CRM vs CSP - which one is for you?

If you're amongst those leaders who are wondering whether you need a CRM or a CSP this one is for you.

Spoiler Alert: it may be best for you to have both a CRM and CSP depending on the size of your organization.

Which is more beneficial CRM or CSP?

It is difficult to say whether a CRM (Customer Relationship Management) software or a Customer Success Platform (CSP) is more beneficial, as it ultimately depends on the specific needs and goals of a business.

CRM software is designed primarily for sales teams whose main focus is to bring in leads. However, these also analyze customer interactions and data throughout the customer lifecycle, with the goal of improving customer relationships and driving business growth. It includes a range of capabilities such as managing customer contact information, tracking sales and support interactions, and analyzing customer behavior and trends.

Customer success platforms, on the other hand, are designed to help businesses retain and grow their customer base by providing tools and support to ensure that their customers are successful in using their products or services. These platforms often include features such as onboarding, training, customer support, and analytics, and are focused on helping businesses understand and meet the needs of their customers in order to increase customer satisfaction and loyalty.

While there is some overlap between CRM and CSP software, they are not the same thing and serve different purposes. It is possible to choose one over the other, depending on the specific needs and goals of your business.

So, if your primary goal is to get new business while managing and analyzing customer data and interactions in order to improve customer relationships and drive business growth, a CRM system may be the more beneficial choice. However, if your primary goal is to retain and grow your customer base by supporting your customers in achieving success with your products or services, a CSP may be a better fit.

Examples of good CRM and Customer Success Platforms

A. Examples of CRM: A CRM that provides tools for customer contact information, tracking sales, and support interactions.

· Salesforce CRM: A cloud-based CRM platform that offers a range of capabilities including sales force automation, customer service and support, marketing automation, and analytics.

· Microsoft Dynamics CRM: A CRM platform that offers integration with other Microsoft products such as Office 365 and Outlook, as well as a range of sales, marketing, and customer service capabilities.

· Zoho CRM: A cloud-based CRM platform that offers a range of sales, marketing, and customer service capabilities, as well as integration with other Zoho productivity tools.

· HubSpot CRM: A free, cloud-based CRM platform that offers a range of sales, marketing, and customer service capabilities, as well as integration with other HubSpot tools.

· Oracle CRM: A CRM platform that offers a range of sales, marketing, and customer service capabilities, as well as integration with other Oracle products.

· Freshworks CRM: A cloud-based CRM platform that offers sales, marketing, and customer service tools, as well as integrations with popular business apps.

B. Examples of CSP: A customer success platform that provides tools for customer onboarding, retention, and growth, as well as analytics and reporting.

· Gainsight: A cloud-based CSP that offers a range of capabilities including onboarding, customer health monitoring, customer success automation, and analytics.

· Zendesk: A customer service platform that offers support ticketing, live chat, and a self-service customer support portal.

· Groove: A customer success platform that helps businesses retain and grow their customer base by providing tools for customer support, onboarding, and engagement.

· Customer.io: A CSP that offers a range of capabilities including onboarding, customer health monitoring, customer success automation, and analytics, as well as integration with other business systems.

· Totango: A CSP that offers a range of capabilities including customer health monitoring, customer success automation, customer feedback and insights, and analytics.

Top uses of a CRM:

Some common features of CRM software include:

· Contact and lead management: Allows businesses to track and manage customer and prospect information, such as contact details and communication history.

· Sales tracking: Helps businesses track the progress of sales deals and opportunities, including key details such as the value of the deal, the stage in the sales process, and the likelihood of closing.

· Marketing automation: Allows businesses to automate marketing tasks, such as email campaigns and social media updates, to reach more customers and improve their marketing efforts.

· Customer service and support: Provides tools for managing customer inquiries, complaints, and feedback, as well as tracking resolution and satisfaction.

CRM software can be used by businesses of all sizes and industries to improve their customer relationships and drive sales growth. It can be particularly useful for businesses that have a large customer base or that rely heavily on customer relationships for their success.

Top uses of Customer Success Platforms:

Some common features of CSPs include:

· Customer onboarding: Provides tools and resources to help new customers get started with a company's products or services, such as tutorials, guides, and webinars.

· Customer support: Offers tools for managing customer inquiries, complaints, and feedback, as well as tracking resolution and satisfaction.

· Customer engagement: Provides tools for proactively reaching out to and engaging with customers, such as through email campaigns, surveys, and customer success stories.

· Success management: Helps businesses track the success of their customers and identify areas where they may need additional support or resources.

Like CRMs, CSPs can be used by businesses of all sizes and industries to improve customer retention and satisfaction. However, CSPs are particularly useful for businesses that have a subscription-based business model or that rely heavily on customer success for their long-term growth.

CRM expanding its capabilities into CSP and vice versa

It is common for CRM software to offer features that overlap with those of CSPs. Many CRM systems now offer capabilities such as onboarding, training, customer support, and analytics, which are also commonly found in CSPs.

However, CRM software is generally more focused on managing and analyzing customer data and interactions, while CSPs are more focused on helping businesses retain and grow their customer base by supporting their customers in achieving success with the company's products or services.

So, while CRM systems may offer some features that are similar to those found in CSPs, they are typically not a complete replacement for a dedicated CSP. It may be possible to use a CRM system in conjunction with a CSP in order to gain the full range of capabilities needed to effectively manage customer relationships and drive customer success.

Pro Tip: Depending on the size of your organization it may be best for you to use both CRM and CSP software in order to get a complete view of your customer relationships and ensure your customers are successful.

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